so we need the amazon to brief. we need the amazon for global biodiversity we need the amazon. for protecting our climate. the amazon you might have heard of the amazon is the largest tropical rainforest also has one of the largest rivers on the planet and above the river the amazon river or the flying rivers which are the atmospheric rivers which regulate our global weather system without the flying rivers our entire global weather system is destabilized. and the reason why. of the flying rivers can be taken off course is because of increased the forestation caused by these fires and many other threats. this is one of the many images that you'll see if you travel to the rainforests. arm how many of you've actually been to the rain forest. a lot of you armed and for those of you who have been. once you've been just like once you know you can't go back that's what happened to me when i went to the amazon rainforest when i was twenty one years old. i went to learn about plants i wanted to study study ethnobotany. and my life took a different course once i met indigenous peoples w

among those testifying was amazon's union labor president, who says amazons practices come into question. >> [indiscernible] >> let's get to work. let me first thank all of our witnesses for being here, we look forward to hearing your testimony or let me think ranking member graham for his cooperation and of the staff. today, we are going to be discussing a very important issue that gets much too little attention in the walls of congress or in the corporate media. that is, a time when everybody knows, the middle class is struggling with people working longer hours, for lower wages, when half of our people live paycheck-to-paycheck, when people cannot afford health care, childcare, finding it hard to fill up their gas tanks. all over this country, there is a growing movement on the part of workers to try to organize and form unions. they understand that, if you have a union, you have better wages, better working conditions, that her benefits. at the same time working people are standing up and fighting back and are interested in joining unions, what you are also seeing that there are hund

at amazon and amazon is one of the largest employers in the country, almost a million workers, and this followed a union organizing attempt at an amazon warehouse in alabama organizing a union in alabama isn't easy and we thank those workers that are here with us today that are joining us. from the very beginning of the union organizing efforts until today, amazon has done everything possible, legal and illegal to defeat union organizing efforts. the national labor relations board found that amazon's flagrant disregard of the law and infringed on workers legal rights to a free and fair union election ruling that amazon's behavior was, quote, dangerous and in proper. that is the national labor relations board. to date there are currently 59 cases against amazon pending at the nlrb. amazon is currently being sued to reinstate a worker who was illegally fired for organizing a union. several current and former employees have alleged that amazon has engaged in illegal harassment and discrimination based on race, gender and sexual orientation and that's not all. amazon has already been penali

amazon has a 150% turnover rate. workers come into these warehouses, they are worked as hard as humanly possible and then they leave, often across. and that new set of workers comes in to replace them. amazon has been penalized more than 75 million dollars for breaking federal discrimination and labor laws. amazon mis-classifies delivery drivers as independent contractors, rather than employees, to evade tax wage and benefit responsibilities. amazon's inadequate work lay safety policies -- workplace safety policies pose a great workplace risk, we hope to discuss that later today. if you can believe it, esther graham, senator graham, this is an astounding fact. according to a new york times investigation, amazon has a 150% turnover rate. 150%. workers come into these warehouses, they are worked as hard as humanly possible. then, they leave. often, crushed. a whole set of new workers comes into replace them. is that really the kind of business model that we should be rewarding with massive, federal contracts? further,

amazon claimed that mr. bryson was fired for statements he made in an argument with a coworker, but here is how the nfl are be administrative judge described in amazon's review on mr. bryson's contact that led to his illegal firing. i'm quoting from the judge. an ostrich like head in the ground investigation, that speaks to avoid evidence which might disclose information mitigating the employees misconduct. unquote. in other words, amazon deliberately ignored the facts, deliberately misrepresented the situation, and that is why the nfl are be ordered amazons -- with back pay, and found that his termination had been wrongful. and so mr. smalls, you know mr. bryson, why do you believe -- why do you believe that amazon fired mr. bryson? >> a few things. number one, he is black. number two, he was protesting alongside myself and others, over covid-19, it was running rampant at the time. and so, they wanted to once again sinus to organizers, there were advocating for that. myself included. i am still unemployed a

there are 59 cases against amazon pending at nurd. -- amazon has a 150% turnover rate. workers come into these warehouses, they are worked as hard as humanly possible and then they leave, often across. and that new set of workers comes in to replace them. is that really the kind of business model that we should be rewarding with massive federal contracts? further, in some locations, amazon's workplace injury rates are more than 2.5 times the injury average. last december at six amazon workers died after they were required to continue working during unsafe weather conditions in a warehouse that did not have appropriate safety facilities were policies. it is abundantly clear that time and time again amazon as engaged in antiunion activity. further, amazon cannot even come to grips with the reality that the workers in staten island won their union election fair and square. in order to stall the process out there lawyers have appealed their decision. their strategy is obvious, and i look forward to discussing that with their panelists. they are going to stall and stall and

there's some harmony, but the revenue gain leans a lot on amazon's top line growth amazon has been the worst performer here its price to sale ratio has gone down apple holding up better. maybe one of the things apple has going for it among many others is the fact it's shrunk its share count by almost 10%. the others have not. microsoft a lot less net share buyback. google keeping it flat it seems that might be one of the different things, apple also adding about $50 billion in revenue -- $50 million in net income and $100 billion in revenue. clearly it's reached a growth spurt at the right time for investors to effectively take some harbor. >> mike, those are great points. thank you. of the four mega caps we're featuring, amazon has fallen the most in terms of share price a nearly pandemic round trip yet. this company is still by far the most expensive of that group on a forward price to earnings ratio. that is because the earnings piece for amazon has only become a constant over the last few years. the company put most of its money back into the company to develop new businesses outsi

you can publish amazons antitrust paradox in this article. she argued that just because the new technology amazon provides customers with low prices, it should not get a pass on anti competitive behavior. these days, con has become a sought after interview partner. she is the key figure in the investigation of how big tech abuse their market power. and she has clear views about what can be done about it and why we should all care. there was a very clear recognition in the legislative history that in the same ways that concentration of political power threatened democracy, concentration of economic power. also threatened democracy. user data is worth billions information about who we are, what we like, and even our illnesses and fears is the oil that fuels the dizzily economy. it's used to help customize edwards and sell products. and more and more aspects of our lives are being digitalized. so much so that global data amounts i expected to increase to $175.00. that abides per year by 2025 for reference. that abide has 21 zero's. it's a 100000

you can publish amazons antitrust paradox. in this article, she argued that just because the new technology amazon provides customers with low prices, it should not get a pass on anti competitive behavior. these days can, has become a sought after interview partner. she is a key figure in the investigation of how big tech abused their market power. and she has clear views about what can be done about it and why we should all care. there was a very clear recognition in the legislative history that in the same ways that concentration of political power threatened democracy, concentration of economic power. also threatened democracy. user data is worth billions information about who we are, what we like, and even our illnesses and fears is the oil that fuels the diesel economy. it's used to help customize edwards and sell products. and more and more aspects of our lives are being digitalized. so much so that global data amounts i expected to increase to $175.00 that a bytes per year by 2025 for reference. that abide has 21 zero's

you can publish amazons and antitrust paradox. in this article, she argued that just because the new technology amazon provides customers with low prices, it should not get a pass on anti competitive behavior. these days can, has become a sought after interview partner. she is a key figure in the investigation of how big tech abuse their market power. and she has clear views about what can be done about it and why we should all care. there was a very clear recognition in the legislative history that in the same ways that concentration of political power threatened democracy, concentration of economic power. also threatened democracy. user data is worth billions information about who we are, what we like, and even our illnesses and fears is the oil that fuels the diesel economy. it's used to help customers, edwards, and sell products. and more and more aspects of our lives are being digitalized. so much so that global data amounts i expected to increase to $175.00 that a bytes per year by 2025 for reference. that abide has 21 zero'

when workers try to organize, amazon breaks the law. when workers raise their voices, amazon does whatever it takes to shut them up. because amazon is terrified of the power workers have when they work collectively. sadly while they act with impunity to break the law the government saw fit to reword 10 billion federal contract for cloud computing services while the government was spending taxpayer dollars on amazon's web services the company reportedly spent $20,000 per week on union consultants in staten island alone. what's more alarming as we know the numbers barely scratch the surface of what amazon spent to prevent workers from having any voice whatsoever on the job. americans have the fundamental right to join a union together and bargain collectively over the terms of their employment. the federal government under the national labor relations act has a mandate to encourage worker organizing collective bargaining and to promote equality of bargaining power between employers and employees. as president biden's organizing empowermen

amazon meanwhile is no longer just an e commerce and cloud computing giant. it's also one of the biggest media companies in 2019 amazon invested $7000000000.00 into music series and films. and that was before it board m g m amazon's india division is currently in trouble. according to reports, it's systematically copied items sold by 3rd parties and then rigged search results to favor its own products. the problem is that amazon is not just a platform, it's also a retailer itself, and it competes for customers on its own platform. one woman who is fighting big tech monopolies is lina com. b entered ross scholar and law professor was recently appointed. the chair of the u. s. is federal trade commission and she's got big tech war. it is what some call her the wonder woman behind a new wave of anti trust lance. lina con intends to break up america's tech giant. but taking on gaffer is no small feat. con was born in london to pakistani parents . the family moved to the u. s. when she was 11 years old, now 30 to conquer up with the internet. and she skeptical abo

publish amazons and antitrust paradox. in this article, she argued that just because the new technology amazon provides customers with low prices, it should not get a pass on anti competitive behavior. these days con has become a sought after interview partner. she is the key figure in the investigation of how big tech abused their market power. and she has clear views about what can be done about it and why we should all care. there was a very clear recognition in the legislative history that in the same ways that concentration of political power threatened democracy, concentration of economic power. also threatened democracy. user data is worth billions information about who we are, what we like, and even our illnesses and fears is the oil that fuels the dizzily economy. it's used to help customize edwards and sell products. and more and more aspects of our lives are being digitalized. so much so that global data amounts i expected to increase to $175.00 that a bytes per year by 2025 reference that abide has $21.00 zero'

meta and amazon holding their annual meetings as well, the first one for the amazon ceo. how he addressed growing concerns about worker safety as the company's market cap threatens to dip back below $1 trillion. all of that in a moment, but first let's get a look at the market stocks climbing after a volatile trading day in the nasdaq 100 outperforming. kriti: it is interesting that we see stocks finishing the day in the green. nasdaq 100 relay outperforming here. -- really outperforming here. a lot of it down to the heavyweights, apple and amazon leading the index higher. a lot of that momentum really started gaining after the fed minutes. we start to see traders paring back expectations, that off some of those growth bids. you did not see much of the change in that. the two year yield just taking up a little higher. i do have to touch on nvidia. they just had their earnings out . they missed analyst asked him it's. -- analyst estimates. the year on a -- the stock on a year-to-date basis down. we were talking about it closer to a $1 trillion market cap valuation, but thi

you can publish amazons and antitrust paradox. in this article, she argued that just because the new technology amazon provides customers with low prices, it should not get a pass on anti competitive behavior. these days con has become a sought after interview partner. she is the key figure in the investigation of how big tech abuse their market power. and she has clear views about what can be done about it and why we should all care. there was a very clear recognition in the legislative history that in the same ways that concentration of political power threatened democracy, concentration of economic power. also threatened democracy. user data is worth billions information about who we are, what we like, and even our illnesses and fears is the oil that fuels the diesel economy. it's used to help customers, edwards, and sell products. and more and more aspects of our lives are being digitalized. so much so that global data amounts i expected to increase to $175.00 that a bytes per year by 2025 for reference. that abide has 21 zero

you can publish amazons and antitrust paradox. in this article, she argued that just because the new technology amazon provides customers with low prices, it should not get a pass on anti competitive behavior. these days count has become a sought after interview partner. she is the key figure in the investigation of how big tech abuse their market power. and she has clear views about what can be done about it and why we should all care. there was a very clear recognition in the legislative history that in the same ways that concentration of political power threatened democracy, concentration of economic power. also threatened democracy. user data is worth billions information about who we are, what we like, and even our illnesses and fears is the oil that fuels the diesel economy. it's used to help customers, edwards, and sell products. and more and more aspects of our lives are being digitalized. so much so that global data amounts i expected to increase to $175.00 that a bytes per year by 2025 for reference. that abide has 21 ze

workers who are part of the first successful organizing effort in amazon's history at amazon's staten island jfk8 warehouse, which voted to unionize last month. they were both fired this month. amazon told "the washington post" the firing of the two workers are "unrelated to each other and unrelated to whether these individuals support any particular cause or group." but we wanted to find out more. mat cusick was told by amazon's human resources on may 4 th he was terminated for "voluntary resignation due to job abandonment." but he says he was fired for taking covid-related leave. meanwhile, tristan "lion" dutchin, whose image and comments were featured in several media outlets during the organizing drive, was told friday, on may 7, that he was being terminated for falling behind on productivity goals. this comes as the national labor relations board on monday upheld a complaint that amazon violated labor law in the staten island union vote by holding mandatory worker meetings to dissuade employees from voting to unionize. for more, we are joined by tristan "lion" dutchin and mat cus

jack: i want to ask about amazon. a big question, as wonderful as these companies are, the valuations are pretty steep by historical standards. bond rates have come down for 40 years. rates are rising for the next 40 years, could valuations go back to the levels they were in the 80s so even if you buy great companies the valuations should shrink? al: it is a great point. interest rates are a head went at least in the short term but i would turn it around and ask you a question. wire interest rates and inflation rising now? we had easy money since 2,008-9, we had it for 10 or 15 years. the answer is clear, we had to maddest demand stimulus, you also had the fed and a supply slow down because of all of the supply constraints. more demand and less supply, you have inflation. it is not structural in my opinion. it is cyclical. the structural pieces for inflation in my opinion are quite benign. ask yourself why have we had 40 years of low rates and low inflation in a time of easy money? it is because globalization is teete

like amazon, 30 years ago would have been outlawed last in the last you can publish amazon anti trust. in this article, she argued that just because the new technology amazon provides customers with low prices, it should not get a pass on anti competitive behavior. these days kind of become a thought after interview partner. she's the key figure and the investigation of how big tech abuse their market power. and she has clear views about what can be done about it and why we should all care. there was a very clear recognition in the legislative history that in the same ways that concentration of political power threatened democracy, concentration of ex power also threatened democracy. user data is worth billions information about who we are, what we like, and even our illnesses and fears is the oil that fuels the digital economy. it's used to help customers, edwards, and sell products. and more and more aspects of our lives are being digitalized. so much so that global data amounts i expected to increase to $175.00. that abides per year by 2025 for reference that abide has $21.00 zero'

and, you know, whether amazon can turn it around? mark: amazon can turn it around. i look at amazon as a thq dislocated high-quality stock. it is the most successfully diversified tech asset that i followed could i don't follow apple, but is the most success we diversified in terms of advertising retail and other targets that they can go after him putting logistics and business supplies. etc. and groceries fall into retail, but i think that is a big area for them. i'm not worried about the long-term outlook for amazon. they can execute their way and they got growth initiatives. the nuance from the headlines and we have not picked them all up, is the focus on cost efficiencies. so i think the company did something rare. i do not recall amazon ever coming out and saying be overbilled. that is what they said on the march quarter earnings call, that they made the mistake, the over extrapolated when they were making their plans, the distribution center old uplands, the end of 2020 and beginning of 21 they over extrapolated trends. i don't blame them for doing that, i thi

they claim that it was just simply a hard fight against amazon and that amazon and their words used a lot of really questionable tactics to try to fresh workers into voting. no, that's what the organizers claim. but clearly this is a big defeat and it comes after a big victory for amazon labor union organizers just a month ago when they voted to organize a month ago. and the scene right outside here behind me was much celebration because that victory was seen as one of the biggest labor rights union. it rates victories in the united states in a generation. now just a month later, they're trying to organize, of course, a 2nd, amazon warehouse, a performance center to be unionized as well. and in this case, it was voted down and voted down substantially the final vote. tally 380 yes, votes, 618. no votes. so by almost a $2.00 to $1.00 margin, the amazon workers at this warehouse voted nobody unionizing. and it just shows you how complex this issue is and how difficult it is for a young union organizers, many of them in their twenties, to really fight against amazon. one of the world's b

we think amazon is certainly very much in that former camp. >> it will be interesting to see how amazon and prime perform when they start broadcasting nfl games later this year. and that will be an interesting case study to see if a lot of people have it and will people go find it on prime and we shall see. thanks very much clockwise capital. appreciate it. >>> coming up, there you are investors pulling more than $10 billion from tether in the past two weeks getting untethered as regulatory scrutiny grows among the world's largest stable coin. the co-founder and ceo is more stable than anything, and we'll talk to him next plus goldman sachs says uber, facebook and alphabet are large-cap stocks does our trader agree? it's the focus of today's three-stock lunch coming up on "power lunch." >>> welcome back to "power lunch. i'm kristina partsinevelos within that group, we're tra tracking grocers and retailers walmart is firmly in positive territory after its workweek since the 1970s. >> costco is in the green and not as bad since 2003. conagra, tyson and kraft-heinz you can see kraft up 2%

amazon is appealing the decision. they said that they believed having a direct relationship with the company's best for the employees. you lost at the warehouse across the street and i'm curious as to where you plan to do this next and that clearly it's not necessarily a done deal. christian: yeah we are prepared on our side to go to the court hearing and we will take our actions from their. definitely talking to legal representation on our side to get the best advice. at the same time, amazon should recognize the fact that amazon workers at that facility voted in favor of the union, over 500 workers. 500 ballots were the difference. as far as a second election, you know, we definitely overshot it a little bit. we took on a huge task. we had been campaigning for quite a while, over a year. these were new facilities, new workers, new organizers, we didn't have enough time to convince a number -- enough of the coworkers, witches understandable. for us, we just have to reassess and get back to organizing. emily: will we

amazon is quality. if you look deeper into the numbers, the cloud story is not going away you see tremendous growth continuing in amazon web services which is a big piece of their long-term story. we have also been expecting that the ecommerce play would unravel because the pan an ddemic as pe started to get back out into the economy would have a natural pull back. the interesting thing is no one will stop ordering amazon products that's here to stay. i think we will see amazon settle where it will settle. the market is looking for long-term quality and durability in the end, amazon will have the last laugh. >> gina, one thing with the rising interest rates situation, the market will not deal with stupid evaluations paypal for example is that stupidly high? the others will be paper money, but we will also tap, swipe, et cetera >> some of the companies are attractive right now you know, companies, by the way, that are not necessarily as cheap as paypal. nvidia is relatively cheap to what you expect. the

broken working for amazon. that is part of their business model. they have a turnover rate of 150 percent. many who started the campaign won't be there by the time it ends. that is part of what bessemer workers were fighting against. they held the union election, they failed the first, but the national labor relations board ruled amazon had illegally tempered with that election, so they got another shot at its. they voted and the results are in limbo because there are challenged that -- challenged ballots. that is where things currently stand in bessemer. william: put these amazon fights into context with the national labor movement. we are seeing other sprouts of organizing at starbucks, apple stores, rei, places that have not had much union penetration. is this an actual sea change or something else? maximillian: what i am hearing from workers is there is a rising labor consciousness. people know they have been getting screwed over for a long time. people over the last 40 years have been more productive than

broken working for amazon. that is part of their business model. on average, warehouses for amazon have a turnover rate of 150 percent. many who started the campaign won't be there by the time it ends. that was part of what bessemer workers were fighting against. they held the union election, they failed the first, but the national labor relations board ruled amazon had illegally tampered with that election, so they got another shot at it they voted and the results are in limbo because they are challenged ballots that could sway the election one way or the other. that is where things currently stand in bessemer. william: put these amazon fights into context with the national labor movement. we are seeing other sprouts of organizing at starbucks, apple stores, rei, places that have not traditionally had much union penetration. is thian actual sea change or something else? maximillian: what i am hearing from workers is there is a rising labor consciousness. people know they have been getting screwed over for a lo

spencer, who covers amazon for us, joins us now. given that the union was just a winner across the street, what happened here? >> it's a great question. it's tough to really make big sweeping conclusions out of this. the question was is the union going to build on the momentum from the last vote or suffer a setback and you will see that they suffered a setback. what it means for their overall drive and momentum? we just don't know. these things take months to finally unravel. they are generally contested and the process can be extremely slow. you have still got a union vote that was denied twice still being litigated and we've got the union vote that was approved at the other facility that amazon is contesting. we are just going to have a lot of, i think more of these as we move forward. emily: surely not every warehouse is the same. could it be that conditions are simply different in different warehouses? brexit could be. -- >> this could be. this was a sorting center, the initial one was one of these bigger fulfillment centers. an

amazon faces all of these risks. one interesting thing about shopify is they're not as exposed to labor unions the way amazon is. this might be a moment for shopify to come out ahead and say, look, yes, we share some of this inflation and macro risk, but actually we can build in rebel alliance they made a smart acquisition of this company deliver in the logistics and fulfillment space. there's making a run at amazon shopify could come out ahead the only caveat. they're still very richly valued the valuation multiple in earnings and revenue, it's still pretty high. the revenue multiple is starting to come in to some realm of reality. you really have to believe that long-term there's going to be some future cash flow there. i could build that bull case, but i could also see them dropping a bit more before they bounce back. >> you say shopify is not exposed to unions, as they're trying to move more into fulfillment, aren't they exposed to labor cost, whether it's technically unions or not, could end up being, depending

>> every amazon facility in the country, and then some, have contacted the amazon labor union. and we will have a conference addressing everybody nationwide. emily: christian smalls, president of the amazon labor union. special office meeting with president biden, thank you for joining us. coming up, are we headed for a booming summer, or will inflation spoil the party? we speak to the expedia group vice chair and ceo about the travel trends he sees. this is bloomberg. emily: welcome back to "bloomberg technology." i'm emily chang in san francisco. back to the markets. volatility spreading to crypto. ed ludlow taking a look. >> another long list of superlatives. bitcoin the biggest intraday drop since january. a violent u-turn. bitcoin pushed toward $40,000 a token following the fed decision to raise rates by 50 basis points. the commentary from jay powell. then we drop off and we are down towards $36,000. in the higher rate environment, bitcoin trading at a narrow range. struggled to break out of the range. never got back to the highs at the start of the year. the old coins se

at this 2nd, amazon warehouse has failed and failed badly. a couple union organizers route side here just a few feet from me as they got the results. all they would say, or it was, were disappointed in their words, but they would not, didn't want to answer any more questions beyond that. and in fact, they're kind of waiting for a few of their colleagues to come out of the building. and then i think they're going to be leaving here, but clearly, this is a huge set back for the unionization efforts will remember, it was just one month ago that a larger amazon warehouse workers voted to unionize. that was a warehouse of $8300.00 workers voted to unionize a month ago that was considered one of the biggest unionization efforts or mercy, the most significant unionization efforts in the united states in a generation. according to many, they were hoping to carry over this momentum to have a 2nd amazon warehouse workers vote to unionize a month later though it appears that is not happening. we know for a fact that amazon has put tens of millions of do

this follows amazon's worst daily performance since 2 006. that was friday after the company reported a net loss and later than expected revenue guidance some on wall street are starting to turn a bit more cautious, like wedbush mike, the stock has recovered a lot, it's barely down right now, but has there been a big change in thinking about this company >> not in terms of formal sell side approach to amazon, no. this is kind of a lukewarm downgrade of an outlook, but it's not -- it's not to a sell you've still got 48 out of 52 analysts with buy ratings, four holds. so in other words you almost like to see more downgrades. the stock is a third off of its highs, and so it still seems as if just the multi-year brute force appreciation in amazon seems to have completelygotten analysts in this mode of not wanting to fight the stock i'm not saying you have to capitulate and turn negative but it seems like it's not necessarily going to be the play caller on where this one moves next. >> what is valuation telling us about amazon what's it discountin

and amazon, walmart and target on the logistics, amazon definitely has -- they are the e epicenter of logistics and we'll see how well they play that. but amazon being down 5% also, to me, definitely has me nervous. >> we had this previously planned, big tech day, if you will, here at cnbc before the nasdaq fell out of bed again today, and, deidre happened to look at amazon with a closer look on what's happening, dee. >> it's the perfect intro. biggest loser. you were talking about this. it has been vulnerable there's overcapacity at factory, inflation pressures, labor issues, its weighting as an influence has decreased at its peak and it's fallen the furthest percentagewise among the megacaps we are featuring it is by far the most expensive in terms of that p./e. ratio. what does wall street think? wall street is positive on all of the megacap, hardly a sell rating to shall found so looked beyond the fast for you and piece target from analysts, that may be a more relevant signal. for amazon, the trajectory is down as you can see from that line, that dip at the end there. for other na

spencer, who covers amazon for us, joins us now. given that the union was just a winner across the street, what happened here? >> it's a great question. it's tough to really make big sweeping conclusions out of this. the question was is the union going to build on the momentum from the last vote or suffer a setback and you will see that they suffered a setback. what it means for their overall drive and momentum? we just don't know. these things take months to finally unravel. they are generally contested and the process can be extremely slow. you have still got a union vote that was denied twice still being litigated and we've got the union vote that was approved at the other facility that amazon is contesting. we are just going to have a lot of, i think more of these as we move forward. emily: surely not every warehouse is the same. could it be that conditions are simply different in different warehouses? brexit could be. this was a sorting center, the initial one was one of these bigger fulfillment centers. and i think that maybe

i think that the focus at amazon is going to be on amazon web services. amazon retail, there direct third-party retail, is a business that is doing what every business should do that has gotten so large that it is hitting a maturity plateau. if you look at the numbers for amazon retail, for a few quarters, they are not growing fast enough for retail overall. 70% of sales for amazon. you could argue that is not a driver of value, the web services. a big revenue line, i think, is resetting. the growth story of amazon is different now because of the pandemic. we've had to pull forward. we've had the competitive set improve. we've weeded out the weakest players, and amazon doesn't have a strong play in click and brick. that is a meaningful part of what consumers are looking for. tom: with the pullback we are enjoying, would you suggest that the anointed profitable of technology are going to have a come to jesus moment, and they are going to change their business model more towards profitability and use of free cash from -- flow? barton: we're already seeing c

amazon has all of the data centers at the heart of their obligations, amazon is making tens of millions if not hundred of millions of dollars a year from these data centers. they allege that my husband deprived them of his related to the acquisition of the data center. and we now know, which we learned really slowly over time because but government investigations aren't something that you learn everything upfront, we learned slowly over time that amazon went to the fb and made these accusations. >> did they go to your husband first? >> they did not freight it's interesting, tucker because eve the day the fbi showed up at ou house are husband my husband ha his lawyer call amazon and say i'd really like to talk to you. about what's going on. and he's done that multiple times over the past two years i amazon has always refused to speak to him. it is curious to me by a compan would spend $1,000 an hour on lawyers trying to put someone i prison and not speak to them when they are more than willing to come talk to them. >> nigel's favorites because th leader of a political party he did someth

>> we bought amazon. the first time our fund has owned amazon the reason we bought amazon today if you look at their aws and advertising business, assume they continue to grow slower than now the retail business is priced for no growth based on our model. that's something we look to add more over the next few months. >> you also have take two which i think is actually up today or was up hard to find some winners in this environment what's the story there >> it is we've owned take two for a long time ultimately what's exciting is it's a play on the metaverse, on content, grand theft auto is iconic franchise and will be upgraded in 2025 i did not misspeak there the mother of the mother of all gaming upgrade cycles. one thing i've learned you want to own ahead of product cycles it has a big one coming. >> apple is down almost 6% today. what are you doing with that stock? >> i think apple will be able to buck the trend i don't think we'll see that it's coming down because people are taking profits what's impo

amazon, we had one of the best retail environments that we have seen in a long time and amazon results were terrible. and netflix, we were seeing a net sub loss. you got netflix and amazon. but why not disney and alphabet? if i was going to play, i would rather have the latter two. >> this could be ford down 50% or biotech or any other, and they'll go up together with the current bounce. >> so in the same bucket. tony, would you agree with that? >> a few weeks ago, i took an amazon short on earnings. we have not reached the level yet. i'm not a buyer of amazon, netflix, we were a buy of that yesterday in the 160s. this is a stock that got hit hard on subscriptions, not on revenue and earnings. so i'm a buyer of netflix, not of amazon. >>> and time for the final call. trying to catch a calling with ark and a long time call option with kathy woods. >> not every stock is cheap yet, but some are. but ford is. if you're looking to get in, buy a longer caller buyout. >>> do not go anywhere. (dramatic music) ♪ i really can see the difference. i can see this hair coming in. i have hair on my

from amazon focused on profitability, not during bezos' era. things changed so much that's what investors are looking for, even from amazon. >> in a way. bezos' time has been long there. we have seen a lot of cycles it is important for investors to remember amazon is making mega bets on people and logistics and what are the costs that are out of control now labor and gas. so they've been caught holding the bag here but they're still making investments in people and logistics, carl, at a higher rate than others you have to wonder how much is it worth if amazon is right, how much are you willing to bet if amazon is right. >> with every additional headline, bloomberg has on the tape microsoft will slow hiring in windows, office, teams chat and conferencing software groups, citing to realign staffing priorities. they are the ones that have been most aggressive on the wage front at least >> absolutely. >> at what point does that dynamic, calculus tip into the caution side >> good question we should remember, too, aws was built when investors said sc

at amazon and amazon is one of the largest employers in the country, almost 1 billion workers and this followed union organizing attempt at amazon warehouse in alabama. and organizing a union in bessemer alabama ain't easy and we thank those workers who are here with us today were joining from bessemer. from the very beginning of the union organizing efforts until today, amazon has done everything possible legal and illegal to defeat union organizing efforts. the national labour relations board nlrb found that amazon's flagrant disregard of the law infringed on workers legal rights who were for a free and fair union election in bessemer alabama ruling amazon's behavior was quote dangerous and improper. that is the next national labor relations board. today there are currently 59 unfair labor cases against amazon pending at the nlrb. amazon is currently being sued by the lrp to reinstate a worker who was illegally fired forreinstating a union . several current and former employees allege amazon has engaged in harassment and discrimination based on race, gender and sexual orientation and

now, here's a stock down nearly 28% for the year amazon many investors normally consider amazon as a growth stock even as the stock sells 45 times extra earnings ridiculous even there's no growth at my noon conference call on thursday i want to own the stocks of companies that earn real things and profitsthey ca turn to shareholders in the form of dividends and buy backs as long as their shares trade at a reasonable valuation everyone is entitled to make mistakes and amazon has made a big one. it makes me angry. amazon is a company that can earn $82 a share in 2024 remember 2022 is almost half over these faster growing companies and i insist amazon is faster growing than most is simply not going to sell at 18 times. it's not going to happen, and it shouldn't. i think amazon can sell 27 times earnings if it takes its medicine now, what would it mean for amazon to take its medicine? they've got to cut back on warehouses, cut back on workers who need new jobs and get more aggressive on the advertising side of retail while maintaining a big lead in the clout with amazon web weservices. n

it is amazon down more than 7.5% this week. whopping 31% so far this year. the stock losing more than half a trillion dollars in market cap. that's the size of more than two costcos, three times the size of a nike steve, you recently bought amazon >> yeah. so when i look at the chart on amazon, there is none of that can be denied. they announced a stock split, 24/1 stock split usually is bought it got so brought into the sell-off of growth and the whole sell-off of overvalued stocks during the pandemic, the stock went from 2,800 to 22 and change for me a 20% decline off of when they announced the stock split was enough for me to dip my toe. i think you might have seen the worst of the sell-off, even if the market comes in, i think your downside is limited of course, it go-go further. but amazon web services, 36% with margins around 35%. $10 billion buyback. don't focus on e-commerce. the thing that got this story going was aws and that started when the stock was $190. >> guy, what is your thought on amazon we talked on the 2:00 program about valuations and i

this is certainly a defeat for the amazon labor union movement by nearly 2 to one workers at this amazon warehouse in new york voted not to unionize. certainly the mood was somber as many of the union leaders left this federal building behind me where the vote tally was counted. this is what a few of the amazon labor union leaders had to say. this is a very small battle in a very large war. so if jeff bader thinks he has won, he has not. if jeff bader thinks that we're not going to come back to l d j 5, and when it later i was disappointed, we're all disappointed about by the outcome. and l g j 5. but we're still optimistic about the moving going forward. this is all part of a broader unionization effort in the united states that we've seen in recent months and years. it's not only workers at amazon, but we've seen workers that as well at places like starbucks and apple stores as well, starting to unionize, or at least discussing the possibility of unionizing. now this was certainly a big defeat here for this amazon union efforts, but it comes a month after a big victory where workers at

thing you're paying for is amazon web services and i think that downgrade marks the bottom for amazon because now we know amazon's problems are the same problems that walmart had, target, not real stores, that's a whole other thing, but that amazon has come down enough that you're no longer paying a premium for what, david, is a pretty darn good business, amazon web services. >> it's a great business, still growing. although having more competition than it had a few years ago from the likes of microsoft >> overall they were overstaffed. now -- >> not in amazon web services. >> i don't think anyone actually works at amazon web services >> it's got incredible margins the advertising business has strong margins that slowed a bit as well. >> the retail business, the tech is probably better than some of these others and thisey will tae action, they will let people go. i think amazon has bottomed. >> so down 30% over a month is enough to get you interested >> it's more than that it's that people felt they had lost this great -- that they had this great retail business and maybe everybody ha

another 3% today after closing down 14% friday gut check on amazon where it stands this morning. slow notes from broader takeaways from the company's result, citi removing ups from its focus list, the firm says amazon's labor and infrastructure overcapacity means a potential fullback for the rest of the industry, shares of ups fell friday after amazon's numbers while amazon's hyperinvestment in its fulfillment centers that raise costs and hurt their results, bank of america, mizuho and others are not worried about a slowdown barclays saying buy duke realty. >> let's get a check on semiconductors, the soxx down 27% year to date the index in the green today as are shares of on semi. chip supplier reporting record earnings and margins for the first quarter. joining us on semi's ceo hassane el-khoury. overall, you were up in automotive and industrial, that area for you, 42% year over year, it's now 65% of your revenue, this reminds me of qualcomm we were talking to chris chri cristiano a -- what's happening -- >> sure, at a high level auto and industrial are driving a lot of megatren

amazon fire stick and apple tv. (male narrator) up next, how would you like to get the celebrity secret for ageless skin? (female narrator) find out how in this paid presentation for meaningful beauty. (male narrator) as cindy crawford unveils her newest youth activating breakthrough. (female narrator) plus, you'll get exclusive access to a brand-new free gift offer featuring cindy's new home spa tool: the electronic skin revitalizer! a $90 value, free! (male narrator) and coming up, find out what happens when cindy crawford invites grey's anatomy star ellen pompeo to try the evolutionary secret that's kept cindy's skin looking so youthful for so long.